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Appraisals for Condominiums

Condominium is a legal term defining a type of property ownership in which a specific part of real estate, usually a dwelling, is individually owned. This is while use and access to common facilities such as hallways, elevators, and exterior areas is executed under legal rights associated with the individual ownership and controlled by an association of owners that jointly represent ownership of the whole project.

At Home Appraisals, Inc. our local appraisers know the area and the market trends that are dictating condo values. We use the sales comparison approach to determine these current market values. This approach recognizes that a typical buyer will compare asking prices and seek to purchase the property that meets his or her wants and needs for the lowest cost. In developing the sales comparison approach, the appraiser attempts to interpret and measure the actions of parties involved in the marketplace, including buyers, sellers, and investors.

The ideal sales to use, as comparables, are the ones that have taken place within the last 90 days as they are the best indicator of current trends. We use a minimum of 3 closed sales to incorporate into our appraisal reports. When it comes to condos, great emphasis is placed on the view and amenities offered. The subject’s floor plan and what “line” they are found in the subject building also play a vital role.

Data is what drives the sales comparison approach, and that involves collecting information on recent sales of properties similar to the subject being valued, called comparables. Sources of comparable data include real estate publications, public records, buyers, sellers, real estate brokers and/or agents, appraisers, and so on. Important details of each comparable sale are described in the appraisal report.

Since comparable sales aren’t identical to the subject property, adjustments may be made for date of sale, location, style, amenities, square footage, site size, etc. The main idea is to simulate the price that would have been paid if each comparable sale were identical to the subject property. From the analysis of the group of adjusted sales prices of the comparable sales, the appraiser selects an indicator of value that is representative of the subject property.

What Is The Cost Of A Condo Appraisal?

Appraisal fees vary depending on several factors including location and availability of recently sold homes to use as comparables. Since no two appraisal assignments are the same, it is best to contact us directly for a free quote on fee and turn time. You can call us, email or use the form on the right for the fast response.